1. BUFFALO POWER COMPANY July 22, 2003

2. Oregon Trail Energy Project Buffalo Power Company, LLC High Plains Transmission, LLC

3. Oregon Trail Energy Project Project Objective Provide new merchant transmission and power from Wyoming’s Powder River Basin, thereby contributing to economic development in Wyoming

4. High Plains Transmission, LLC 2,000 megawatts of transmission capacity extending from near Glenrock, Wyoming, to the Ben Lomond substation north of Salt Lake City

5. Buffalo Power Company Situated to Baseload Powder River Basin Gas

6. Buffalo Power Company Glenrock, Wyoming 1100 MW per Day 138,000 Dths per Day Planned Interconnections w/ TCGS & FUGGS

7. Buffalo Power Company Important Dates Estimated Closure of Power Sales Agreements – Fall, 2003 Estimated Closure of Gas Supply Agreements – Fall, 2003 Estimated Plant Start Date – Early 2006

8. Securing Gas Supply Plant Perspective Long Term Supply Availability Every Day Swing Capability

9. Securing Gas Supply Producer Perspective Long Term Market Portfolio Diversification Baseload Market Avoided Transportation Issues/ Costs

10. Gas Supply Pricing BPC will pay Market Price Cheyenne Hub Price Less Transport from Glenrock Plus Demand / Call / Swing Premium

11. Oregon Trail Energy Project & Buffalo Power Company Good for Wyoming Good for Producers Good for U S

12. BUFFALO POWER COMPANY July 22, 2003